Business Saving Account & Cashplus Bank Account

[Vurso]

Hi,

been a while since I came onto this forum. Firstly apologies if this post is in the wrong section...

I had stopped contracting for a while however decided to leave the perm role and step back into contracting for financial reasons. Long story short I have very bad credit on my name for various reasons that has affected my ability to obtain a business bank account however when I first started contracting a few years back I was able to secure a Santander business bank account and this also came with a savings account.

My limited company at the time dissolved and the business current account was closed eventually so now when I have tried to reapply obviously I was unsuccessful and I have also tried every bank possible without any success which is why I resorted to obtaining a CashPlus online business banking account.

However I had another chat with Santander this morning and it transpires that the business savings account is still valid and as I have used the same company name I can still operate it so my plan was to receive money into this savings account from my employer and use it to do most of my business banking online (most of the features I need are available).

Any money that I need to move I can put into the CashPlus account and leave the rest in the Santander account to accrue savings (which is what I planned to do originally with this account).

Does this sound feasible or should I just leave the Santander account and go with the CashPlus account (or vice-versa do you folks think I should ditch the shady CashPlus service)?

Thanks in advance.

T

[TheFaQQer]

I'm surprised that the savings account remains open - isn't it registered to the old business?

I would be wary of using an account linked to the former business, just in case someone comes along at some stage and realises that it should have been closed and you have a fight on your hands to keep it going.

[northernladuk]

If you register a new company using the old name doesn't it have a different company number so the Santander account wouldn't be valid? I'm guessing the person you spoke didn't understand your situation or doesn't understand the implications of the name being the same but different company.

Bit of a cockup somewhere by not shutting it down at the time as well.

I wouldn't be using this account as TF says either. Just doesn't sound right at all.

[northernladyuk]

Hi,

been a while since I came onto this forum. Firstly apologies if this post is in the wrong section...

I had stopped contracting for a while however decided to leave the perm role and step back into contracting for financial reasons. Long story short I have very bad credit on my name for various reasons that has affected my ability to obtain a business bank account however when I first started contracting a few years back I was able to secure a Santander business bank account and this also came with a savings account.

My limited company at the time dissolved and the business current account was closed eventually so now when I have tried to reapply obviously I was unsuccessful and I have also tried every bank possible without any success which is why I resorted to obtaining a CashPlus online business banking account.

However I had another chat with Santander this morning and it transpires that the business savings account is still valid and as I have used the same company name I can still operate it so my plan was to receive money into this savings account from my employer and use it to do most of my business banking online (most of the features I need are available).

Any money that I need to move I can put into the CashPlus account and leave the rest in the Santander account to accrue savings (which is what I planned to do originally with this account).

Does this sound feasible or should I just leave the Santander account and go with the CashPlus account (or vice-versa do you folks think I should ditch the shady CashPlus service)?

Thanks in advance.

T

Any funds that go into the business account will be bona vacantia, surely?

[northernladyuk]

Question for the audience...

Could you get away with using this instead of a business bank account if you absolutely can't get a business bank account? http://transferwise.com/borderless-c...w.google.ie%2F

[TheFaQQer]

Question for the audience...

Could you get away with using this instead of a business bank account if you absolutely can't get a business bank account? http://transferwise.com/borderless-c...w.google.ie%2F

I don't see why not - in the same way that you can keep money in a PayPal account. Revolut offer bank accounts now as well that might meet the purpose.

[northernladyuk]

I don't see why not - in the same way that you can keep money in a PayPal account. Revolut offer bank accounts now as well that might meet the purpose.

At barest minimum, all you need to be able to do so as to operate is accept and make electronic transfers.

[Darren at Fox-Bartfield]

Banking

As the old savings account is linked to a dissolved company, would be a bit risky using it as was set up for a different entity than the new company so could be closed at any point.

For bank accounts, would suggest using www.tide.co rather than Cashplus, much better offering.

[Vurso]

I'm surprised that the savings account remains open - isn't it registered to the old business?

I would be wary of using an account linked to the former business, just in case someone comes along at some stage and realises that it should have been closed and you have a fight on your hands to keep it going.

Good point I am going to ask the same. Technically the business names are the same, address etc but the company number is different obviously which would need updating but that could potentially mean the account is closed down.

[Vurso]

As the old savings account is linked to a dissolved company, would be a bit risky using it as was set up for a different entity than the new company so could be closed at any point.

For bank accounts, would suggest using www.tide.co rather than Cashplus, much better offering.

Valid point I am going to contact Santander and advise them that the savings account is linked to a company that is not dissolved.

Thank you.

T